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| FORM 3 |
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OMB Number: 3525-0287
Expires: September 30, 1998
Estimated average burden
hours per response. . . 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a)
Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
1. Name and Address of Reporting Person*
Clayton Stephen T.
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(Last) (First) (Middle)
c/o Tremont Advisers, Inc.
555 Theordore Fremd Avenue - Suite C206
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(Street)
Rye New York 10580
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(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
08/18/1999
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Tremont Advisers, Inc. - TMAVB
5. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director
[ ] 10% Owner
[X] Officer (give title below)
[ ] Other (specify below)
Chief Financial Officer
6. If Amendment, Date of Original Month/Day/Year)
7. Individual or Joint/Group
Filing (Check Applicable Line)
__X_ Form filed by One Reporting Person
____ Form filed by More than One Reporting Person
<TABLE>
TABLE 1 - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
<S> <C> <C> <C>
1. Title of 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
Security (Instr. 4) Benefically Owned Direct (D) or Beneficial
(Inst. 4) Indirect (I) Ownership (Instr. 5)
-------------------------- (Instr. 5)
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Class B Common Stock 21,348 D - -
Class B Common Stock 4,500 I Owned by spouse
Class B Common Stock 125 I Owned by minor child
Class B Common Stock 125 I Owned by minor child
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
FORM 3 (continued)
<TABLE>
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<C> <S> <S> <S> <S> <S> <S> <S>
1. Title of Derivative 2. Date Exercisable and 3. Title and Amount of 4. Conversion or 5. Ownership Form 6. Nature of
Security (Instr. 4) Expiration Date Securities Underlying Exercise Price of Derivative Indirect
(Month/Day/Year) Derivative Security of Derivative Security: Beneficial
-------------------------- (Instr. 4) Security Direct (D) or Ownership
-------------------------- Indirect (I) (Instr. 5)
Amount or (Instr. 5)
Date Expiration Number of
Exercisable Date Title Shares
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Options 12/15/96 12/15/99 Class B Common Stock 6,250 $1.60 D - -
Options 5/15/99 5/15/02 Class B Common Stock 12,500 $3.00 D - -
Options 12/9/98 12/9/03 Class B Common Stock 781 $6.40 D - -
Options 12/9/99 12/9/03 Class B Common Stock 781 $6.40 D - -
Options 12/9/00 12/9/03 Class B Common Stock 1,563 $6.40 D - -
Class A Common Stock 8/15/98 N/A Class B Common Stock 948 1:1 D - -
</TABLE>
Explanation of Responses:
/s/ Stephen T. Clayton 8/24/1999
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Signature of Reporting Person Date
Stephen T. Clayton
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient. See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information in this
form are not required to respond unless the form displays a currently valid OMB
Number.
